Tech Company Financing Transactions
Sortera Technologies Funding Round
RA Capital Management, Assembly Ventures and Breakthrough Energy Ventures invested in a $31.00 Series C venture round for Sortera Technologies. The funding round was announced on 8/30/2023.
Transaction Overview
Company Name
Announced On
8/30/2023
Transaction Type
Venture Equity
Amount
$31
Round
Series C
Investors
Proceeds Purpose
It will help to affirm the company's commitment to solutions that create new upcycling streams, enable a circular economy, and contribute to a more sustainable future.
Company Information
Company Status
Private & Independent
Industry
Artificial Intelligence
Mailing Address
49 South 500 East
Markle, IN 46770
USA
Markle, IN 46770
USA
Phone
Undisclosed
Website
Email Address
Overview
Sortera uses its patented artificial intelligence technology for production of low-cost high-quality metal alloys for domestic manufacturing. Currently, almost 25 million tons (~50 billion lbs) of automotive shredder metal scrap is produced in US each year from end-of-life automobiles and other products, and a large fraction of this is shipped overseas to be hand sorted into aluminum, copper, brass, zinc and stainless steel, and manufactured into parts. Sortera's highly automated sorting facilities perform highly accurate sortation of metal alloys at much lower cost making these valuable feedstocks for domestic manufacturing.
Profile
Social Media
Company News
Facebook
YouTube
Management Team
Title
Name
Email & Social
Chief Executive Officer
Michael Siemer
Co-Founder
Manuel Garcia
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